Adam Smith - Father of Capitalism, or Drunken Uncle? with Gene Epstein

In this episode of The Rational Egoist, Michael Liebowitz is joined by Gene Epstein, one of the most articulate and consistent defenders of free markets in modern economic journalism.

Gene Epstein served as economics editor of Barron's from 1993 to 2018, where his long-running Economic Beat column became required reading for anyone serious about understanding macroeconomics beyond slogans and political talking points. Throughout his career, Epstein challenged the assumptions behind monetary manipulation, deficit spending, regulation, and state “management” of markets, insisting that economic outcomes must be understood as the result of individual choice, incentives, and real-world constraints—not good intentions or bureaucratic planning.

The conversation also explores Epstein’s role as founder and director of The Soho Forum, a debate platform that has become one of the few remaining venues for rigorous, civil, high-level disagreement on economics, liberty, and social policy. Epstein discusses why open debate matters, why bad ideas survive when they are not challenged, and how intellectual honesty—not consensus—is the engine of progress.

This episode is a clear-eyed discussion about why markets work, why government intervention repeatedly fails, and why economic freedom is not merely efficient, but necessary for human flourishing.

Gene Epstein (born 1944) is an American economist, writer, and public intellectual. He served as economics editor of Barron’s for 25 years and authored the influential Economic Beat column, where he analysed macroeconomic trends and exposed the unintended consequences of government intervention. He is the founder and director of The Soho Forum, a New York–based debate series dedicated to serious discussion of libertarian ideas in economics and social policy.

Michael Liebowitz is the host of The Rational Egoist podcast, a philosopher, author, and political activist committed to the principles of reason, individualism, and rational self-interest. Deeply influenced by the philosophy of Ayn Rand, Michael uses his platform to challenge cultural dogma, expose moral contradictions, and defend the values that make human flourishing possible.

His journey from a 25-year prison sentence to becoming a respected voice in the libertarian and Objectivist communities is a testament to the transformative power of philosophy. Today, Michael speaks, writes, and debates passionately in defence of individual rights and intellectual clarity.

He is the co-author of two books examining the failures of the correctional system and the redemptive power of moral conviction:

Down the Rabbit Hole: How the Culture of Corrections Encourages Crime
https://www.amazon.com.au/Down-Rabbit-Hole-Corrections-Encourages/dp/197448064X

View from a Cage: From Convict to Crusader for Liberty
https://books2read.com/u/4jN6xj

Xenia Ioannou is the producer of The Rational Egoist, responsible for overseeing the publishing, presentation, and promotion of each episode to ensure a consistent standard of clarity, professionalism, and intellectual rigour.

She is the CEO of Alexa Real Estate, a property manager and entrepreneur, and serves on the Board of Directors of the Ayn Rand Centre Australia, where she contributes to strategic direction and public engagement with ideas centred on reason, individual rights, and human freedom. Xenia also leads Capitalism and Coffee in Adelaide, creating a forum for thoughtful discussion on philosophy and its application to everyday life.

Join Capitalism and Coffee here:
https://www.meetup.com/adelaide-ayn-rand-meetup/

Follow Xenia’s essays at her Substack:
https://substack.com/@xeniaioannou?utm_source=user-menu

Because freedom is worth thinking about — and talking about.

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